Nigeria may devalue Naira target range as currency drops

Nigeria’s central bank will probably lower its targeted trading range for the naira as dwindling foreign-exchange reserves and falling oil prices undermine its ability to halt the currency’s slide, FBN Capital Ltd. said.
Policy makers may adjust the exchange rate to within a 3 percentage-point band of 160 per dollar from 155 over the next six to nine months, Gregory Kronsten, an analyst at Lagos-based FBN Capital, said in an e-mailed response to questions July 18. Lower crude prices are making “it more difficult for the central bank to hold the line on the naira exchange rate,” he said………………………………………..Full Article: Source